Exhibit 99.1

GSI GROUP REACHES AGREEMENT WITH KEY PARTIES PROVIDING

FOR APPROVAL OF PLAN OF REORGANIZATION

— Company Expects to Emerge from Chapter 11 in Summer 2010 —

—Michael E. Katzenstein Appointed Chief Restructuring Officer to Lead Company

Through Final Phase of Restructuring—

—Bookings and Cash Position for First Quarter 2010

Bedford, MA, May 11, 2010

—GSI Group Inc. (Pink Sheets: GSIGQ.PK) (the “Company” or “GSI”) today announced that it has reached an agreement with representatives of the key stakeholders involved in GSI’s Chapter 11 case that provides for certain modifications of the Company’s (and certain of its subsidiaries’) Third Modified Joint Plan of Reorganization, including, among others, a proposed rights offering fully backstopped by certain noteholders. With this agreement, GSI is on track to emerge from Chapter 11 protection in summer of 2010. GSI expects to complete its financial restructuring with a stronger balance sheet and enhanced liquidity that will position the Company for future growth.

GSI has reached an agreement on a term sheet (the “Term Sheet”) with the holders (“Consenting Noteholders”) of greater than 88% of the outstanding aggregate principal amount of the Company’s 11% Senior Notes due 2013 (the “Notes”) and the Equity Committee in the Company’s Chapter 11 case. The Term Sheet sets forth terms for a new plan support agreement to be entered into among the parties to the Term Sheet and modifications to certain terms of the Company’s (and certain of its subsidiaries’) Third Modified Joint Plan of Reorganization, as filed with the U.S. Bankruptcy Court in Wilmington, Delaware on April 9, 2010 (the “Plan”). Pursuant to the Term Sheet, both the Consenting Noteholders and the Equity Committee have agreed to support the Plan as modified in accordance with the Term Sheet (the “Modified Plan”). A copy of the Term Sheet is attached to this press release.

To help lead the Company through the final phase of its restructuring, the Company has appointed Michael E. Katzenstein as Chief Restructuring Officer effective May 5, 2010. Mr. Katzenstein, a Senior Managing Director in the Corporate Finance practice of FTI Consulting, Inc., will serve as GSI Group’s most senior executive officer in replacement of the Company’s current chief executive officer. Mr. Katzenstein will manage the Company’s finance, legal and restructuring functions. The Company has also engaged FTI Consulting to provide support services to Mr. Katzenstein.

“We are very pleased to have reached agreement with a substantial majority of the noteholders and the Equity Committee on the term sheet for a plan support agreement that resolves all major outstanding issues related to confirmation of GSI’s plan of reorganization and paves the way for the Company to emerge from Chapter 11 in Summer 2010,” Mr. Katzenstein said. “With a strengthened balance sheet, GSI will emerge from the restructuring process in an excellent financial position to grow its


The following information was filed by Gsi Group Inc (GSIG) on Tuesday, May 11, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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